- Macerich acquired Crabtree Mall in June 2025 for approximately $290 million, adding 1.3 million square feet in Raleigh-Durham, NC.
- The acquisition is expected to be accretive to the 2028 FFO targets and enhances the company's presence in a high-growth, market-dominant region.
- Management plans to reinvigorate leasing momentum, increase occupancy from 74% to near 90%, and unlock embedded NOI growth upside.
- Crabtree's NOI is projected to increase from $32 million to over $40 million pro forma, driven by leasing and capital improvements.
- The company sees significant potential in remerchandising and capitalizing on the mall's strategic location, with early leasing momentum already strong.
- This move reflects a strategic shift towards active repositioning and value creation in core markets.
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- Jim Taylor highlighted the fundamental and accelerating transformation of the portfolio, emphasizing leasing, reinvestment, and capital recycling as key drivers of growth.
- The company is executing a robust value-add plan, with a pipeline of $370 million underway and several hundred million identified for future projects.
- Recent projects include The Davis Collection, BarnPlazo, Wynwood Village, and LaCenterra, which are expected to generate high returns and drive traffic and occupancy growth.
- Agree Realty achieved its largest quarterly investment volume since COVID, deploying over $450 million in Q3 2025.
- The company increased its full-year 2025 investment guidance to a range of $1.5 to $1.65 billion, up over 65% from last year.
- The investment included 110 high-quality retail properties across multiple sectors, with a weighted average cap rate of 7.2%.
- The pipeline for development and developer funding platforms exceeds $100 million, indicating strong future growth potential.
- The company’s disciplined underwriting standards and strategic partnerships with leading retailers underpin this aggressive growth.
- Accretive capital allocation included deploying more than $600 million year-to-date, including a $357 million acquisition of five shopping centers in South Orange County, California.
- Expense recovery rates improved meaningfully, contributing to NOI growth, supported by higher average commenced occupancy.
- Leased and commenced occupancy spread was 260 basis points, with an SNO pipeline of $38 million incremental base rent.
- Leverage remains comfortably within target range of 5 to 5.5x, with a strong balance sheet and access to low-cost capital.
- Regency Centers delivered another quarter of excellent results with strong same property NOI growth exceeding 7%, driven primarily by base rent growth of 4.5%.
- The company achieved record low shop move-outs and sustained robust leasing activity with strong rent growth, including cash rent spreads of 10% and GAAP rent spreads of nearly 20%.
- Total NOI growth and core operating earnings per share growth were robust, surpassing expectations.
- Demand remains resilient with absorption reaching the highest in over 25 years.
- Absorption has outpaced new deliveries for 4 consecutive quarters, approaching COVID-era levels.
- Market conditions are firming due to declining new deliveries and pockets of decreasing concessions.
- Management emphasizes that recovery is underway despite economic uncertainty and elevated supply.
- Simon Property Group acquired the partner’s interest in Brickell City Centre for $512 million, making it wholly owned.
- The purchase was made at a cap rate higher than open-air strip assets but below its replacement cost.
- Management emphasized the asset’s high quality, international customer base, and growth prospects due to Miami’s traffic, tourism, and development around Brickell.
- The acquisition is accretive and management plans to enhance leasing and operational efficiencies to grow NOI.
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